ITAT deletes Long Term Capital Gains Addition on Forfeited Advance Amount without Transfer of Capital Asset [Read Order]

ITAT deletes Long Term Capital Gains - ITAT - Long Term Capital Gains - Forfeited Advance Amount - Advance Amount - Transfer of Capital Asset - Capital Asset - Taxscan

The Delhi bench (single member bench) of the Income Tax Appellate Tribunal (ITAT) recently deleted the long term capital gains addition on forfeited advance amount without transfer of capital asset. The assessee, Smt Vidya Devi jointly with her two sons inherited agricultural land from her husband Late Shri Mohar Singh. The assessee along with her…

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